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Richard Branson-Backed AI Loan Startup raises $30M

Loansnap Funding

Loansnap, a creator of smart loans, focused on customer-centric mortgage lending recently raised an amount of $30 million in a Series B funding round. True Ventures True Select Funding IV led the funding round. Baseline Ventures, Richard Branson’s Virgin Group, AVANTA Ventures, ThomVest Ventures, Liquid 2, WorkPlay Ventures, MANTIS also participated in the funding round.

The proceeds from the funding will be channeled towards the expansion of new loan types particularly across the US.

Loansnap

The startup is the brainchild of Karl Jacob and Allan Carol, with an experienced wealth of 14 years. The company is focused on redefining the ways loans are given, making it easier, and more customer-friendly. In a traditional context, getting a mortgage at the right time involves a chain of processes that draws on and on until the customer is completely drained and exhausted and often ends up empty-handed. Loansnap intends to solve this problem by making use of the potential of artificial intelligence to arrive at smart loan decisions, making the process easier and much faster. The previously exhausting experience is thus converted into a better experience, ensuring customer satisfaction and happiness.

The company marked its beginning in the year 1998, and it has been striving to perfect the mortgage experience with the help of its technology that is backed by artificial intelligence.

The startup’s loan-borrower matching technology ensures the safety and security of both the lender and borrower, while also effectively addressing the consumer credit card problem in the US. The technology used by the startup will give a more accurate reason backed by data concerning the suitability of a particular person for getting a loan, or vice-versa.

The process entails a thorough investigation of the applicant’s financial background attained through a series of questions asked inquiring about their existing debt, outgoings, etc. The data thus collected is then transferred to a database of credit lenders before the applicant is provided with the various options.

The startup is a perfect example for using artificial intelligence to add convenience and efficiency to otherwise monotonous activities, that often tend to take a toll on the customers.

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